ManU has three primary lines of revenue commercial (merchandise sales), broadcasting and matchday revenue (tickets to games). Assume that ManU recognizes revenue from ticket sales and broadcasting rights when the associated matches are played, and recognizes revenues from merchandise sales when the merchandise is sold. When forecasting the balance sheet, assume that other non-current assets, other current liabilities and non-current liabilities will remain unchanged from 2012 to 2013.

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A. Assume that contracts for media coverage are signed prior to the start of the season (e.g., contracts covering the 2013 season were signed in 2012), but the cash is received both during and after the end of the season (e.g., cash for the 2013 season media rights is received in 2013 and 2014). You forecast that ManU will earn 100,544 from broadcasting games during the 2013 season, of which 59,863 will be paid in cash during 2013 and 40,681 will remain uncollected (trade receivables in the current assets section on the balance sheet) at year end 2013. In addition, ManU will collect any amounts due it as of the beginning of 2013 during 2013. Finally, during 2013, ManU will sign a contract for 102,332 for rights to the 2014 season, payment to be received in 2014 and 2015.

B. Employees (including players) will earn 168,442 for services rendered in 2013. The ending balance in the compensation payable account will be 124,207. (You need to infer the amount paid to players to end up a balance of 124,207 in compensation payable.)

C. Taxes are paid in the first quarter of each year on the previous years profits. New taxes payable are recorded at year-end at 25% of pre-tax income.

D. The ending cash balance will be 114,066. Any excess cash is paid out as a dividend and any shortfall is made up by issuing stock.